Latest news with #RealEstateUnion
Zawya
17-02-2025
- Business
- Zawya
Kuwait's government amends expats property ownership rules
KUWAIT CITY - Real estate and investment experts have praised the issuance of Decree Law No. 7/2025 amending the provisions of Decree Law No. 74/1979, which regulates non-Kuwaitis' ownership of real estate properties. These experts confirmed to the newspaper that the decision will contribute to the development of investment in the real estate sector, and achieve economic and social development goals in a way that benefits the local economy by attracting more foreign investments and providing job opportunities for Kuwaitis. The Real Estate Union said the decision was issued in appreciation of the nature of economic life, its variables and the dynamics of change it requires; thus, enabling it to address a sterile situation that has harmed companies listed on Boursa Kuwait, as it prevented them from owning real estate properties and engaging in commercial activities as per their founding contracts and basic systems. It added that the decision will solve this complex and important problem, and prevent damages and dire consequences. Head of the union Ibrahim Al-Awadhi revealed that listed companies in general, and real estate companies in particular, were unable to buy or sell real estate properties and transfer ownership through the Real Estate Registration Department at the Ministry of Justice due to the presence of foreign owners among their shareholders for the past five years. He said this is considered an unjustified disruption in their work and a clash with the reality imposed by previous laws that were not implemented at the time and a step backwards in the State's efforts to attract and encourage foreign capital to participate in such types of investments. Arab Times | © Copyright 2024, All Rights Reserved Provided by SyndiGate Media Inc. (
Arab Times
16-02-2025
- Business
- Arab Times
Gov't amends expats property ownership rules
KUWAIT CITY, Feb 16: Real estate and investment experts have praised the issuance of Decree Law No. 7/2025 amending the provisions of Decree Law No. 74/1979, which regulates non-Kuwaitis' ownership of real estate properties. These experts confirmed to the newspaper that the decision will contribute to the development of investment in the real estate sector, and achieve economic and social development goals in a way that benefits the local economy by attracting more foreign investments and providing job opportunities for Kuwaitis. The Real Estate Union said the decision was issued in appreciation of the nature of economic life, its variables and the dynamics of change it requires; thus, enabling it to address a sterile situation that has harmed companies listed on Boursa Kuwait, as it prevented them from owning real estate properties and engaging in commercial activities as per their founding contracts and basic systems. It added that the decision will solve this complex and important problem, and prevent damages and dire consequences. Head of the union Ibrahim Al-Awadhi revealed that listed companies in general, and real estate companies in particular, were unable to buy or sell real estate properties and transfer ownership through the Real Estate Registration Department at the Ministry of Justice due to the presence of foreign owners among their shareholders for the past five years. He said this is considered an unjustified disruption in their work and a clash with the reality imposed by previous laws that were not implemented at the time and a step backwards in the State's efforts to attract and encourage foreign capital to participate in such types of investments.
Al Bawaba
16-02-2025
- Business
- Al Bawaba
KIB and the Real Estate Union host a workshop on digital transformation in the real estate sector
Kuwait International Bank (KIB), in collaboration with the Real Estate Union, organized a workshop titled "The Digital Transformation Revolution and Its Impact on the Real Estate Market." The event brought together a distinguished group of investors, experts, specialists in the real estate sector, and government workshop explored key topics, including inspiring success stories in PropTech (property technology), the impact of digital transformation on Kuwait's real estate market, and the role of emerging technologies such as artificial intelligence, big data, and digital real estate services. It also addressed challenges faced by real estate investors and proposed solutions to enhance transparency and data workshop featured the launch of KIB's innovative digital services through the KIB Aqari app, underscoring the Bank's commitment to developing modern solutions that cater to investors' needs. These services include the construction cost calculator for residential plots in the banking sector, and the first digital real estate financing calculator for investment and commercial projects. Additionally, KIB shed light on its real estate appraisal services, the comprehensive real estate database providing accurate market insights to support investor decisions, and a fee-free digital rent collection service designed specifically for property on the initiative, Jassim Al-Abdulhadi, General Manager of the Real Estate Department at KIB, stated: "The launch of these services aligns with our ambitious strategy to develop digital banking solutions for the real estate sector, aimed at enhancing transparency, improving efficiency, and enabling investors to access data more quickly and accurately. We are committed to crafting innovative solutions that elevate Kuwait's real estate market and cater to the needs of both investors and users."From his side, Ibrahim Al-Awadi, Chairman of the Board of Directors of the Real Estate Union, stated: "There is no doubt that digital transformation has become an urgent necessity in the real estate market, as it enhances the business environment, streamlines processes, and strengthens trust between investors and real estate developers. This workshop highlights the importance of adopting modern technology to ensure the sustainability and growth of Kuwait's real estate sector."In his turn, Fahad Al Saleh, Manager of the Real Estate Advisory Division and the Product Development and Support Division (PDSD), elaborated: "Digitizing real estate services enhances efficiency, reduces risks, and increases transparency—key objectives we aim to achieve with KIB's newly launched services. We are committed to delivering advanced technological solutions that empower real estate investors with the tools they need to make informed decisions, ultimately boosting the attractiveness of Kuwait's real estate market." The workshop concluded with practical recommendations for public and private sector entities, including proposals to enhance the real estate sector's digital infrastructure and strengthen collaboration between the public and private sectors in developing and leveraging technology for real estate services. These efforts aim to improve investor access to reliable, transparent data, ultimately enhancing the attractiveness and sustainability of Kuwait's real estate market.
Arab Times
15-02-2025
- Business
- Arab Times
KIB and the Real Estate Union host a workshop on digital transformation in the real estate sector
KUWAIT CITY, Feb 15: Kuwait International Bank (KIB), in collaboration with the Real Estate Union, organized a workshop titled "The Digital Transformation Revolution and Its Impact on the Real Estate Market." The event brought together a distinguished group of investors, experts, specialists in the real estate sector, and government agencies. The workshop explored key topics, including inspiring success stories in PropTech (property technology), the impact of digital transformation on Kuwait's real estate market, and the role of emerging technologies such as artificial intelligence, big data, and digital real estate services. It also addressed challenges faced by real estate investors and proposed solutions to enhance transparency and data accessibility. The workshop featured the launch of KIB's innovative digital services through the KIB Aqari app, underscoring the Bank's commitment to developing modern solutions that cater to investors' needs. These services include the construction cost calculator for residential plots in the banking sector, and the first digital real estate financing calculator for investment and commercial projects. Additionally, KIB shed light on its real estate appraisal services, the comprehensive real estate database providing accurate market insights to support investor decisions, and a fee-free digital rent collection service designed specifically for property owners. Commenting on the initiative, Jassim Al-Abdulhadi, General Manager of the Real Estate Department at KIB, stated: "The launch of these services aligns with our ambitious strategy to develop digital banking solutions for the real estate sector, aimed at enhancing transparency, improving efficiency, and enabling investors to access data more quickly and accurately. We are committed to crafting innovative solutions that elevate Kuwait's real estate market and cater to the needs of both investors and users." From his side, Ibrahim Al-Awadi, Chairman of the Board of Directors of the Real Estate Union, stated: "There is no doubt that digital transformation has become an urgent necessity in the real estate market, as it enhances the business environment, streamlines processes, and strengthens trust between investors and real estate developers. This workshop highlights the importance of adopting modern technology to ensure the sustainability and growth of Kuwait's real estate sector." In his turn, Fahad Al Saleh, Manager of the Real Estate Advisory Division and the Product Development and Support Division (PDSD), elaborated: "Digitizing real estate services enhances efficiency, reduces risks, and increases transparency—key objectives we aim to achieve with KIB's newly launched services. We are committed to delivering advanced technological solutions that empower real estate investors with the tools they need to make informed decisions, ultimately boosting the attractiveness of Kuwait's real estate market." The workshop concluded with practical recommendations for public and private sector entities, including proposals to enhance the real estate sector's digital infrastructure and strengthen collaboration between the public and private sectors in developing and leveraging technology for real estate services. These efforts aim to improve investor access to reliable, transparent data, ultimately enhancing the attractiveness and sustainability of Kuwait's real estate market.
Arab Times
11-02-2025
- Business
- Arab Times
Question on ‘Metro Project' deferred at Municipal Council panel meet
KUWAIT CITY, Feb 11: The Technical Committee at the Municipal Council, led by Munira Al-Amir, convened Tuesday during which it deliberated on eight items in its agenda. The committee requested detailed studies from the executive body on two matters: amending the Municipal Council's decision on the Egaila Beach development project (No. 7) and adding a fast food restaurant activity to the main roads. Three requests were returned to the executive body for updates as follows: allocating land for a stray dog shelter, amending the requirements for residential complex buildings, and addressing the residential construction percentages issue in Abu Al-Hasaniya. The committee deferred the vice-chairman's question about the Metro Project, the Real Estate Union's observations on building work regulations, and a soft drink company's request to allocate sidewalk space for coolers.
